Year Ended
Registration number:
F50 Team GB Limited
Balance Sheet
30 June 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
|
( |
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Total assets less current liabilities |
|
( |
|
Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Other reserves |
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Profit and loss account |
( |
( |
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Shareholders' deficit |
( |
( |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 12709484
F50 Team GB Limited
Notes to the Financial Statements
Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Hawkslease
Chapel Lane
Lyndhurst
Hampshire
SO43 7FG
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in pound sterling (£) and rounded to the nearest whole pound.
Disclosure of long or short period
Going concern
The Directors have considered the financial business plans for the Company together with the financial support it receives from its shareholders and are satisfied that it is appropriate to adopt a going concern basis in preparing these financial statements.
F50 Team GB Limited
Notes to the Financial Statements
Year Ended 30 June 2023
Revenue recognition
Sponsorship
The company recognise sponsorship income when the amount of revenue can be reliabily measured and it is probable that future economic benefits will flow into the company.
Prize Money
The company receive prize money for their overall finishing position in the Sail GP league and for top three finishes in each race they compete in. This income is contingent upon their finishing positions and so is only recognised as income once the position is known.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
5 years straight line |
Computer equipment |
3 years straight line |
Boats - support |
5 years straight line |
F50 Team GB Limited
Notes to the Financial Statements
Year Ended 30 June 2023
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
F50 Team GB Limited
Notes to the Financial Statements
Year Ended 30 June 2023
Tangible assets |
Furniture, fittings and equipment |
Boats |
Plant and machinery |
Total |
|
Cost or valuation |
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At 1 July 2022 |
|
- |
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Additions |
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|
- |
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At 30 June 2023 |
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|
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Depreciation |
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At 1 July 2022 |
|
- |
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|
Charge for the year |
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At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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|
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At 30 June 2022 |
- |
- |
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Debtors |
2023 |
2022 |
|
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Due within one year |
||
Trade creditors |
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|
Other creditors |
|
- |
Accruals and deferred income |
|
|
Owed to parent |
77,533 |
6,433 |
|
|
F50 Team GB Limited
Notes to the Financial Statements
Year Ended 30 June 2023
Creditors: amounts falling due after more than one year
2023 |
2022 |
|
Due after one year |
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Loans and borrowings |
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|
The company has interest free loans of £4,367,186 from shareholders. These loans are not expected to be repaid until 2025.
As the loans are interest free, they have been discounted to their present value at 30th June 2023 of £3,602,818 with the corresponding credit recognised in Other Reserves.
Unwinding of brought forward discounting is recognised as Interest Payable in the Profit and Loss Account. In line with ICAEW Technical Release 02/17BL, an equal transfer has been made between Other Reserves and the Profit and Loss account, so that the net impact on the Profit and Loss Account is £nil.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
|
|
|
10 |
|
10 |
|
|
1 |
- |
- |
|
|
|
|
F50 Team GB Limited
Notes to the Financial Statements
Year Ended 30 June 2023
Reserves |
Profit and Loss Reserve |
Other Reserves |
||
£ |
£ |
||
Brought forward |
(7,462,240) |
3,462,536 |
|
Profit for the period |
(3,924,036) |
- |
|
Transfer between reserves |
395,080 |
(395,080) |
|
Capital Contribution additions |
- |
2,996,820 |
|
(10,991,196) |
6,064,276 |
||
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Loans from related parties
Balances due to related parties not under normal market conditions, with no interest, include £nil (2022 - £nil) to Athena Holdco Limited, £77,533 (2022 - £6,433) to Athena Racing Limited, £nil (2022 - £1,934,321) to Oracle Racing Inc and £4,367,186 (2022 - £1,644,727) to Boreas Sailing Limited.
Please see note 6 for further information on the Oracle Racing Inc and Boreas Sailing Limited loans.
Audit report |
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from Towngate House, 2-8 Parkstone Road, Poole, Dorset, BH15 2PW